It's Official: SoftBank Closes Multibillion-Dollar Deal In Uber

On Thursday, SoftBank announced that it had finally closed its long-awaited investment in the ride-hailing company. The deal, led by SoftBank with participation from investors including Dragoneer, TPG and Sequoia Capital, includes a $1.25 billion investment directly into the company.

The SoftBank consortium had also tendered a secondary share purchase that valued Uber at $48 billion. The deal allowed SoftBank to walk away with approximately 15% of the company, purchased at a discount from the company's previous $69 billion valuation. According to Bloomberg, about $9 billion was invested in the overall deal. Payments for the secondary sales will be processed and distributed throughout Thursday, according to the company.

"We are very pleased to have successfully closed the Uber investment and appreciate the support and professionalism of the Board, management team and shareholders who made this transaction possible," said Rajeev Misra, CEO of SoftBank Investment Advisers, in a statement.

As part of the transaction, former CEO Travis Kalanick sold 29% of his shares, a transaction valued at $1.4 billion, according to a source familiar with the deal. Forbes estimates Kalanick has a $4.8 billion net worth following the transaction. That is down from a previous estimate of $5.1 billion. The lower net worth is a result of an estimated $300 million in taxes that Kalanick owes on the sale of his stock, as well as a lower estimate of Uber's value based on the transactions that occurred at a $48 billion valuation.

Changes to Uber's governance, which effectively reduce Kalanick's influence on the company and expand the board to 17 seats, will also take immediate effect, an Uber spokesperson said.

"We're proud to have SoftBank, Dragoneer and the entire consortium in the Uber family," an Uber spokesperson said. "This is a great outcome for our shareholders, employees and customers, strengthening Uber's governance as we double down on our technology investments and continue to bring our services to more people in more places around the world."

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